With new year’s resolutions in full swing by this time, you may have some concerns over your ability to reach all your goals this year. Making change is hard, especially when it comes to managing your money in the best way possible.
Fortunately, you don’t have to stick with old-school tactics for getting the job done right. Technology provides several different tools designed to lend a hand with even the most mundane personal finance tasks. Whether you need help with budgeting or you want to get a clearer picture of your net worth, we’ve got a money app for that.
Here’s our top five apps for managing your money this year.
1. Mint
For several years now, Mint.com has been a major player in the personal finance arena. The website and mobile app, now owned and powered by Intuit, is a go-to for millions of users when it comes to getting a better handle on their money. That’s because Mint offers a handful of features that are hard to ignore. Some of the best include:
- The ability to see every financial move in a single place, including credit card balances, spending, and income
- Free credit score updated regularly
- Real-time updates to account balances, including investments and retirement savings
- Alerts for high spending or low balances
- The ability to set specific budgets for spending categories
- Goal-setting capabilities for longer-term objectives, like saving for a wedding or paying off debt
- Custom tips and savings suggestions from partners
In addition to these features, Mint is free for users. Both iOS and Android support the app, and the desktop application makes it easy to see things on a larger screen when necessary. Mint has been and continues to be a front-runner in money management apps.
2. YNAB
You Need a Budget, often referred to as YNAB, is also a front runner in the money management app world. YNAB is a paid service, but it offers several different features that makes it stand out from other set-it-and-forget-it options. The app comes with the following benefits:
- Account syncing that allows users to see all their accounts in a single place
- A budgeting method that gives every dollar a specific purpose
- Real-time updates and alerts on budget progress
- Goal setting and tracking capabilities
- Comprehensive reports on where money is being spent
- Ongoing support from the YNAB team
Users of YNAB also gain access to free workshops on all things money management, including paying down debt and saving money on everyday items. The service is $11.99 per month, or $84 per year, and it is available on any mobile device.
3. Clarity Money
A newcomer to the personal finance app universe is Clarity Money – an AI-powered tool that helps users get a handle on their financial situation. Backed by Marcus by Goldman Sachs, Clarity Money is a simple mobile app that gives users the following features:
- The ability to establish a high-yield savings account (through Goldman Sachs) in a matter of minutes
- Personal financial tracking and budget monitoring with bank account linking
- Category breakdown of purchases and savings
- The ability to cancel subscriptions through the app that may no longer be needed
Unlike other personal finance apps, Clarity Money does not allow for much customization or the creation of a budget. It is best for those who want a simple picture of their financial life without getting too into the weeds. The app is free and available for all mobile devices.
4. Personal Capital
Another money management app that made our list for this year is Personal Capital. This website and corresponding mobile app make it easy to see what’s happening with your finances at any point in time, focused on your overall net worth. Some of the more notable features include:
- See all financial accounts in a single place through a robust dashboard
- Create and monitor budgets and spending
- Monitor investments, within or outside of the platform
- Create a plan for retirement
- Have the ability to speak with an advisor if needed, for a fee
Personal Capital is also a wealth management firm, offering a small selection of investments to clients who qualify for the service. You must have over $100,000 before you’re able to speak with an advisor about your investment accounts, which is a high bar to reach for many.
However, if you’re looking for an app that seamlessly integrates your spending, saving, and investments into a single, easy to monitor platform, Personal Capital may be worth it. The app is currently free and available for both iOS and Android devices.
5. Wally
Another money management app that may work well for some is Wally. While lesser known than some of the others, Wally provides a platform that seamlessly brings accounts together to help understand spending and saving. Through the app, users can customize their budgets in several different ways, and track spending with ease. Wally offers the following features:
- Flexible budgeting periods or budgeting by category
- A clear picture of money left during each period to help stick to a budget
- The ability to synch bank accounts in the app
- A financial calendar to help with planning over time
- Secured document storage to keep important documents safe and easily accessible
- The ability to track foreign transactions with ease
Wally is a good fit for those who put budgeting at the top of their priority list. It is a relatively simple app that tracks cashflow, so it may not fully compare to the other options listed above. However, if you don’t need many frills, this could be a useful tool. The app is offered at no cost and is available for iOS and Android users.
